Set in the year 2031, Phantom Crash takes place in Old Tokyo, a deserted ruin used for Rumbling, a new form of televised combat sport involving mecha known as Scoot Vehicles, or SVs.

Players assume the role of a recent, nameless arrival intent on climbing the ranks of Rumbling and confront and defeat its First Ranker, and meets many characters involved in the sport along the way.

In the 'Quest Mode', players progress through a story whilst engaging in a leaderboard of competitive events, called 'rumbling', to rise in rank across four difficulty classes three different arenas.

[2] Using winnings from events, players in Phantom Crash are able to purchase new SVs or repair and upgrade them with a large variety of customisation options.

[2] Events have weight limitations, requiring players to balance options between weapons and defences, or upgrade carrying capacity with leg modules.

SVs can be further customised with paint jobs and a CHIP, an artificial intelligence interface that affects the range of lock on and attack capabilities.

Describing the game was "wonderfully deep", Hyper praised the "astounding selection" of upgrades "in consideration of the fact that it's possible to configure the performance of individual components".

[15] Hyper described the game's graphics as "quite impressive", writing that "animations are fluid, explosions are meaty, and the tremendous variation in the sizes, styles and colours of the SVs certainly keeps things interesting".

[12] GameZone described the multiplayer elements as "hardly worth mentioning", citing the desire for matches with team play or variable conditions and the lack of arenas.